New Year, New Laws
The New Year will bring in new laws for Oregon vehicle dealers. Starting on January 1, 2018, dealers will need to increase their surety bond amounts.
This is because Oregon state bill 974 takes effect as the calendar turns, increasing surety bond amounts for vehicle dealers from $40,000 to $50,000. Dealers for motorcycles, mopeds, Class I all-terrain vehicles and snowmobiles have their bond amounts raised from $2,000 to $10,000.
If a dealer is already certified to exclusively sell motorcycles, mopeds, Class I all-terrain vehicles or snowmobiles, or any combination of those, then the bond amount is $10,000. However, starting January 1, 2018, the Department of Transportation will no longer issue these exclusive certifications to new dealers. These applicants will need to apply for the same motor vehicle dealer certification as other vehicle dealers.
The surety bond renews annually, and a letter of credit can be used in lieu of a bond.
Oregon applicants for the vehicle dealer certification must meet these requirements:
- Complete the application for a dealer certificate
- Provide a Surety Bond or letter of credit
- Provide a Certificate of insurance
- Pay the fees required
- Complete precertification education and test requirements if the person is a dealer subject to the education and test requirements.
A surety bond ensures that dealers conduct their business without fraud or fraudulent representation, and without violating any provisions of the vehicle code.
If you are a vehicle dealer in Oregon and need a surety bond, call SuretyGroup.com for a free, no-obligation quote. We offer low rates and quick bond delivery. Email email@example.com, apply online or call our Surety Bond Specialists today at 1‑844‑432‑6637.
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